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Latest revision as of 15:55, 8 January 2025

The IRS has set many tax deductions and benefits secure for citizens. Unfortunately, some taxpayers who earn a advanced level of income can see these benefits phased out as their income ascends.

Now we calculate if you find any taxes due. Assuming for immediately after that couple of other income exists, we calculate taxable income by taking the make money from the business ($20,000) and subtract doesn't come with deduction (which is $5,950 for 2012) less the exemption deduction (which is $3,800 for 2012). The taxable income would then be $20,000 - $5,950 - $3,800 which equals $10,250. Based on tax law the extra revenue tax due for chore would be $1,099. So, the total tax bill for this taxpayer was $1,099 + $3,060 to acquire a total of $4,159.

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